Gold Technical Analysis: Yellow metal reaches new 2018 low at $1,260.97/oz

Gold has been declining for the 5th day in a row and reached a new 2018 low at $1,260.97 a troy ounce this Thursday.
The trend is bearish however the bear momentum is slightly slowing down as gold is trading above the 50 and 100-period simple moving average on the 15-minute chart.
Bulls will try to regain the 1,270.00 figure while the bears want a retest of the 2018 low at 1,260.97.

Flavio Tosti Independent Analyst

Gold 15-minute chart

Spot rate: 1,267.10

High: 1,270.00
Low: 1,260.97

Trend: Bearish but slowing momentum

Resistance 1: 1,270.00 figure
Resistance 2: 1,275.00, 100-period SMA (weekly)
Resistance 3: 1,281.70 May 21 low
Resistance 4: 1,291.30 supply/demand level

Support 1: 1,266.47 100-period SMA 15-min
Support 2: 1,260.97 current 2018 low
Support 3: 1,250.00 figure

Author

Flavio Tosti

Independent Analyst

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